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Central Iowa | I love drawing lines on charts, and my addiction to chart porn ebbs and flows as I make/lose money on my bets.
On zcz3 daily chart..... June 5 intraday low of $5.12, Sept 7 intraday high of $6.65. Put in the Fib retracements, we bounced off the 61.8% line at $5.70 on Jan 4, 7, 8. Next stop $6.06. Then I think we trade the 50ish cent range from $5.70 - $6.30ish until the silly season starts in the spring with predictions of 97-98 million acres. After that, we are shackled once again to the whims of Ma Nature.
The powers that be will be out in force trying to talk it down - ethanol blend wall, E plants running at half capacity, demand destruction from livestock, River traffic halted due to low levels thus supply bottleneck, possible government intervention to ease CPI inflation data, release more CRP acres/conditional use, 98 million acres, etc. I think 20 cent daily moves from peak to trough will be the norm providing lots of opportunity but also a lot of risk for the day trading junkies.
I made some HTA sales at $6.35 back in first week of December since the banker likes to see some hard numbers on paper and use his pencil power to approve my line of credit. I feel good about it, since I am profitable at that level. I will only forward market up to my insurance guarantee bushels. The rest is gamblin' money baby!....
I want to drive a Cadillac and smoke big cigars too someday!! | |
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Marketing strategies #2
